[Christo888]

Well, 'Dan the Man' you have pulled on some strings about AIG that is for sure.

You see Several years ago AIG was my insurance carrier and one day there was a mix up in the billing, go figure.

Anyway, I stopped in to see my agent to ask if my payment was past due they looked up my account and said all was fine... (well I was sure that I was a day or two late and though there is a 30 day grace period I was hoping to not have to pay the late fee if I could help it).
So I walked out of their office a little puzzled as to why I would be current. Of course two days later I get a VM from my agent telling me there was a mix-up in the billing data and I was late and to come back in and make a payment.

Luckily I had asked for a copy of the record the first time I was there. When I went back in to make a payment they told me there were several people in their computer system with the same name and they have to go by middle names in order to keep the billing data straight. As they chuckled about how often they get confused with many accounts with the same name I noticed that they went to a different desk to look up my account. They also happened to mention that the other person by the same name had just been in there office paying a bill and that is why they were confused about my account being paid.

I have been down the road of so many household name companys commiting billing fraud it is certainly beyond the comprehension of most Americans to grasp how often they are being ripped off.

The bottom line is I turned in the insurance agent to the state insurance board to investigate the billing 'error' and where it went from there I do not know. But AIG does and the paperwork I have specifically shows one persons account but with two policys and only one being paid for.

So AIG is double billing insurance policys yet they would only receive payment on one of them which leaves the other policy as past due or defaulted, but perhaps they even paid out two commissions on the two different policy's yet receive payment on just the one account.

So was there ever a loss when the other person never existed except as just a duplicate billing with a few minor changes in order to be in the billing data as two seperate accounts. Seems like huge losses could be reported nationwide using this similar scheme yet no real loss ever occurred except in the computer billing data.

I wonder how many false insurance policy's are actually in their billing system that would generate a report of past due or defaulted payments????

And 'Ernst and Young' is probably their accountants as they seem to be the clearinghouse for most of the household name company's that have questionable monthly billing database accounting issues.

Of course they want to pay out millions in bonus's for a job well done to their employees, who else is going to work hard at maintaining the customer databases so accurately for P&L qtrl's and tax liability (buydowns) projections. Maybe the same employees who are to receive the bonuses are the very ones who have lots to say about their billing system! I wonder if there is a tie-in to UBS as well.

The value of a company can only be measured by the data contained within a bunch of numbers that someone allows in the accounting system... perhaps you may want to purchase stock in that!!!